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Asked 7/22/2008

Tractor repossession

Last week my boyfriend was contacted by an investigator stating he had been hired by the Credit company who financed our tractor. He stated the corp wanted the tractor placed in safe keeping with the dealership until the past due amount was paid. He did so, contacted the company let them know and asked for payment needed and address where the payment should be paid. He was told they would confirm the drop off and call him back, they never did. Upon contacted them 2 days later he was told payment in full would be necessay to retrieve the tractor. I have contacted the dealership who stated that was not normal and the investigator who stated that was not what he was told. What is the normal procedure for repossessions. As the co signer for this loan I have not been contacted until Monday 7/21/08 regarding this deliquent loan, requesting payment in full. Can they do this?

 
 
 
 
Answers

Answer 1/2 - Submitted 7/22/2008

If someone is behind on their payments the loan company can repo the tractor. Usally when you get behind on payments depending how far back the payments go. Usally two paymenst is what your allowed to get by with while working with the leander. If it goes past that and the arrangements are not kept then the leander can just repo witout any notice. Then they can request the total amount due before allowing the tractor to be picked up. You as the co signer would be notiflyed now it would be in your ball court on waht you want to do. If you make the paymenst I would asume that you would get the tractor. Either way you are going to be held liable as the co signer. The only thing that sounds strange is that someone called the lender and told them that they were hired by the credit compamy and yet the credit company is deining it, yet if that is true how in fact would the investor get their information.

 
 

Answer 2/2 - Submitted 7/22/2008

They are stating I can not bring the account to currant. They will only except full payment at this time. I just don't understand why they were not required to notifiy me until it was too late

 
 
 
 
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